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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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SIMPLY EDUCATION LIMITED
COMPANY INFORMATION
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SIMPLY EDUCATION LIMITED
CONTENTS
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SIMPLY EDUCATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and financial statements for the year ended 31 December 2024.
Market conditions in 2024 were difficult, particularly in the second half of the year, and turnover fell from £17.8m in 2023 to £14.6m in 2024.
Whilst gross profit margin percentage was maintained this led to a reduction in Gross Profit. As a result Operating Profit fell from £1.2m to Operating loss of £1.2m. Cost reduction measures were implemented but the financial benefits were too late to be seen in the year. The business continues to support all staff with a learning and development focus to ensure we continue to develop and progress our current staff along with attracting the best future talent. A strong KPI suite helps guide performance.
The principal risk to the company is the growth of master vendors building momentum within Multi Academy Trusts (MATS). However, the company has achieved Preferred Supplier status with MATS through the Crown Commercial Services. The ongoing focus by schools on their budgets continues to be a risk.
Price risk The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the cost of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size of nature. Credit risk Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. The trade receivables, the company perform ongoing credit valuations of its customers and the company maintains an allowance or doubtful accounts which, when realised, have been within the range of management's expectations. For other financial assets, the company adopts the policy of dealing only with high credit quality counterparts. Credit exposure to an individual counterparty is restricted by credit limited that are approved based on ongoing credit evaluation. The counterparty's payment profile and credit exposure are continuously monitored by management. Liquidity risk The liquidity risk is usually assessed by comparing liquid asserts and short term liabilities. The company manages the liquidity risk by using cash flow forecasts which enables the group to monitor its working capital and make remedial action when necessary.
- Increase in average staff numbers to 56 (2023 - 46).
- Gross profit percentage achieved of 31.1% (2023 - 31.3%). - Turnover decrease by 18% to £14,565,507 (2023 - £17,844,367).
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SIMPLY EDUCATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 31 October 2025 and signed on its behalf.
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SIMPLY EDUCATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
At the year end the company had current net assets of £1,889,715 (2023 - £1,970,521). The directors have prepared forecasts and note that the company is trading adequately and has sufficient working capital and other finance available to settle liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and have prepared the accounts on a going concern basis.
The loss for the year, after taxation, amounted to £1,236,622 (2023 - profit £1,155,601).
Dividends of £Nil (2023 - £Nil) were declared in the year.
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SIMPLY EDUCATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
Future developments The company continues to grow its operations and look for new markets.
The company has chosen in accordance with section 414C of Companies Act 2006 to set out the following information, which would otherwise be required within the Directors' report, within the Strategic report; financial risk management.
Post balance sheet events There are no subsequent events that require disclosure or adjustments to the financial statements.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on
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SIMPLY EDUCATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLY EDUCATION LIMITED
We have audited the financial statements of Simply Education Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SIMPLY EDUCATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLY EDUCATION LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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SIMPLY EDUCATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLY EDUCATION LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: ° Companies Act 2006. ° FRS102. ° Employment legislation. ° Tax legislation.
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SIMPLY EDUCATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLY EDUCATION LIMITED (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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SIMPLY EDUCATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLY EDUCATION LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
Date:
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SIMPLY EDUCATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SIMPLY EDUCATION LIMITED
REGISTERED NUMBER: 05532608
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 24 form part of these financial statements.
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SIMPLY EDUCATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Simply Education Limited is a company limited by shares, incorporated in England and Wales. The address of its registered office is 56 Clarendon Road, Watford, WD17 1DA.
The principal activity of the company during the year was that of a temporary employment agency.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); • the requirements of Section 7 Statement of Cash Flows; • the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); • the requirements of Section 33 Related Party Disclosures paragraph 33.7.
At the year end the company had current net assets of £724,475 (2023 - £1,970,521). The directors have prepared forecasts and note that the company is trading adequately and has sufficient working capital and other finance available to settle liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and have prepared the accounts on a going concern basis.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgements in applying accounting policies There are no judgements (apart from those involving estimates) that have had a significant effect on the amounts recognised in the financial statements. b) Key accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities: The useful economic lives used by the company in respect of intangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to the principal activity of the company.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There are no significant factors affecting future tax charges.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £52,655 (2023 - £90,651). At the reporting date £8,542 (2023 - £5,111) was payable by the company to the pension scheme.
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SIMPLY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking is Simply Education Holdings Ltd, a company incorporated in England and Wales. The registered office of Simply Education Holdings Ltd is 56 Clarendon Road, Watford, WD17 1DA.
The ultimate parent undertaking is Auxo Group Holdings Limited, a company incorporated in England and Wales. The registered office of Auxo Group Holdings Limited is 56 Clarendon Road, Watford, WD17 1DA. This is the smallest and largest company in which the results of this company are consolidated. The ultimate controlling party at the date of approval of these financial statements is
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